摘要
出口产品质量升级过程中面临不确定性,需要企业代理人风险承担,但这一点在已有研究中被忽视。本文结合中国上市企业数据与海关数据,检验了企业股权激励引发的风险承担效应对出口产品质量的影响。基于倾向得分匹配-双重差分法解决内生性问题,结果显示企业股权激励计划对出口产品质量具有显著的促进作用。异质性分析显示,股权激励计划的促进作用在面临不确定性大的企业、出口到不确定性大的国家的产品、异质性产品、机构投资者持股比例低的企业样本中更明显。机制分析表明,企业出口产品质量提升受到了代理人风险承担意愿的影响,股权激励计划有利于企业克服风险规避进而提升出口产品质量。进一步,基于多产品企业,发现股权激励计划通过提升风险承担水平改变了企业的出口经营策略,促使企业出口向最高质量的核心产品进行聚焦。本文对于如何利用资本市场来推进贸易高质量发展提供了政策启示。
Uncertainty is faced in the process of upgrading the quality of export products,which requires enterprise agents to take risks,but this has been ignored in existing research.Combining the data of Chinese listed companies and customs data,this paper examines the impact of the risk-taking effect caused by corporate equity incentives on the quality of export products.Based on the PSM-DID method to solve the endogeneity problem,the results show that corporate equity incentives have a significant role in promoting the quality of export products.Heterogeneity analysis shows that the promotion effect of equity incentives is more obvious in the sample of heterogeneous products,firms facing high uncertainty,products exported to countries with high uncertainty,and firms with low shareholding ratio of institutional investors.The mechanism analysis shows that the improvement of the quality of export products of firms is affected by the willingness of agents to risk-taking,and equity incentives are conducive to firms to overcome risk aversion and improve the quality of export products.Further,based on multi-product firms,it is found that equity incentives have changed the export management strategy of firms,and prompted firms to focus on the highest quality core products for export.This paper provides policy insights on how to use the capital market to promote the high-quality development of trade.
作者
汤超
祝树金
王梓瑄
Tang Chao;Zhu Shujin;Wang Zixuan(School of Economics and Trade,Hunan University;School of Economics,Hunan University of Finance and Economics)
出处
《宏观质量研究》
CSSCI
2023年第4期95-108,共14页
Journal of Macro-quality Research
基金
中国博士后科学基金面上项目(2021M701157)
国家自然科学基金面上项目(72173040)
国家社会科学基金重大项目(22&ZD100)的资助。
